Market watch: Bulls help index ride past the 33,000 barrier

Benchmark 100-share index gains 1.52%, ends at 33,234.73

KARACHI: The index broke past the 33,000-point barrier as the oil and gas sector led the rise that helped the market close the week in the black and positive for the third successive session.

At close on Friday, the benchmark Karachi Stock Exchange (KSE) 100-share index stood at 33,234.73, registering a rise of 1.52 % or 498.29 points.

Elixir Securities analyst Mohammad Zain said stocks closed positive led by oil plays namely Pakistan Petroleum Limited (PPL, +3.78%), Pakistan Oil fields (POL,+1.47%) and Oil and Gas Development Company (OGDC, +2.51%) over heightened institutional interest following the rise in international crude.



“Cements and fertilisers remained upbeat as the earlier carried momentum from the finance minister’s statement on the possible interest rate cut in the next monetary policy,” said Zain. “The latter rallied on rejection of GIDC by the Supreme Court against the petition filed by government authorities.”

“Habib Bank (HBL, -1.7%) closed lower on its first day of trading after shares of recent privatisation transaction were transferred with stock seeing highest turnover since 2009 while another 10 million plus shares changed hands off market.”

Zain said small cap retail plays to the likes of Pak Elektron (PAEL, -1.16%) and Jahangir Siddiqui (JSCL, +0.63%) continued to lead volumes chart and witnessed profit-taking.

Trade volumes rose to 400 million shares compared to 372 million on Thursday.



Shares of 381 companies were traded on Friday. Of these, 237 companies increased, 116 closed lower and 28 remained unchanged. The value of shares traded during the day was Rs19.2 billion.

K-Electric Limited was the volume leader with 56.6 million shares, losing Rs0.04 to close at Rs7.93. It was followed by TRG Pakistan Limited with 32.7 million shares, gaining Rs0.34 to close at Rs21.12 and Fauji Cement with 29.9 million shares, gaining Rs1.56 to close at Rs32.78.

Foreign institutional investors were net buyers of Rs1.2 billion worth of shares during the session, according to data compiled by the National Clearing Company of Pakistan.

Published in The Express Tribune, April 18^th, 2015.

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